PROFILE: PRIME SUPER
Understanding Super How do you make super easier to understand? One way is to talk to someone who understands both horticulture and superannuation. Regional manager, George Frangeskakis, is part of a dedicated and responsive team of relationship managers with Prime Super, a partner of NGIV for more than five years. Prime Super manages the retirement savings for close to 130,000 members who work in industries including agriculture and horticulture and has a strong connection with regional Australia. A boutique size, independent, profit-to-member super fund, Prime Super makes it a priority ‘We want to be available to help our employers and members,’ said George. ‘We build relationships with our employers and members.’ Part of the relationship building process is to provide both members and employers with information about superannuation and insights, as well as updates on the super industry. ‘To make the most of your super, it is important to be across changes in the industry,’ explains George. ‘For example, there are a number of changes being introduced on 1 July 2022, because of new federal government legislation.’
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GROUNDSWELL APRIL 2022
Summary of changes to super from 1 July 2022 1. Superannuation Guarantee (SG) contributions, the compulsory contributions to employees’ accounts from employers, will increase from 10 per cent to 10.5 per cent. 2. Those earning less than $450 per month will now be eligible for SG contributions from employers. 3. An aspiring homeowner will be able to save up to $50,000 (up from $30,000) through voluntary contributions to their super account which can later be released to buy a first home under the First Home Super Saver (FHSS) scheme. 4. The age to make a downsizer contribution, a one-off contribution from the sale of the family home, will be reduced from 65 to 60 years. Downsizer contributions can be up to $300,000 (individual) or $600,000 (couple), and the family home must have been owned for at least 10 years. Other conditions may apply. 5. If you are between 67 and 74 years old, you will no longer have to take a work test to make salary sacrifice contributions or non-concessional contributions to your super.
